I bought an 1889 Marlin in .32-20. It came from a sheepherder in Montana. It was in rough shape when I got it. Cleaned the barrel, not good. Cleaned some more and still key holed every bullet that I shot. Some were perfect key holes and others were just an out of round hole.
Ten years later, new wood, a few hand made screws, and a stainless liner and she shoots like a dream. You can see the liner from the chamber and extractor cut, but the muzzle end is "blended" pretty well.
Since the barrel and magazine had been cut down, incorrect rear sight and wood in terrible shape... I don't believe I wrecked any collector value. It will never leave my house anyway !